Whether it is the tropical climate, bright sunshine, beautiful beaches, lack of a state income tax, or simply freedom, more Americans are moving to The Sunshine State. In fact, a recent analysis showed that Florida has 4 out of the top 10 metros for out-of-state buyers. Interestingly, Miami, Cape Coral, and North Port actually had more home searches from out-of-state buyers than from in-state buyers.
Florida’s top metros for out-of-state buyers
- #1. Miami:
- New inflow in Q4 2021: 11,931 compared to 4,204 one year earlier
- Percent of searches from outside Miami: 32.6% compared to 27.4% one year earlier
- Top search origin: New York City
- #5. Tampa:
- New inflow in Q4 2021: 7,678 compared to 4,873 one year earlier
- Percent of searches from outside Tampa: 46.4% compared to 56.7% one year earlier
- Top search origin: Orlando, with New York City the top out-of-state origin
- #7. Cape Coral:
- New inflow in Q4 2021: 5,526 compared to 4,199 one year earlier
- Percent of searches from outside Cape Coral: 66.8% compared to 75.7% one year earlier
- Top origin: Chicago
- #8. North Port:
- New inflow in Q4 2021: 5,362 compared to 2,946 one year earlier
- Percent of searches from outside North Port: 65.2% compared to 77.1% one year earlier
- Top origin: Chicago
Summary
Throughout 2021, approximately 31% of house hunters were searching for homes outside of their home metro area. Many of these house hunters were looking in more affordable markets. For example, New York ($640,000 median home price) was the top origin for people looking to relocate to Miami ($440,000 median home price). Of course, we can not overlook the impact of the virtual working environment. This shift in how we do business has certainly lifted the borders for many home searches.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
